Federal legislation of pay day loans is really a victory for states’ liberties

Federal legislation of pay day loans is really a victory for states’ liberties

Federal legislation of pay day loans is really a victory for states’ liberties

Why the government must intervene to limit lending that is predatory

Back 2014, throughout the very very very first period of their hit HBO show “Last Week Tonight, ” John Oliver took from the loan industry that is payday. Boggled by loans that carried as much as a 1,900 apr (APR), Oliver offered up a revised form of the “Lion King” theme song. “It’s the circle of financial obligation! ” he sang. “And it screws us all. ” Oliver explained that the outrages of this pay day loan industry couldn’t be stopped because “they are extremely proficient at avoiding legislation. ”

Not any longer. The customer Financial Protection Bureau (CFPB), the agency faced with implementing and enforcing consumer that is federal, simply revealed a unique rule establishing, the very first time, consistent nationwide criteria for pay day loans and comparable types of credit. Leggi di più chi sonoFederal legislation of pay day loans is really a victory for states’ liberties